A blockchain is a decentralized distributed ledger that combines data blocks in a chronologically end-to-end manner into a chained data structure that is cryptographically guaranteed to be tamperproof. Unlike traditional centralized databases, blockchains are fair, transparent, and tamperproof. It is this characteristic that gives the blockchain enormous potential in terms of technology and economy. It can be used in almost all industries, and it is the next-generation technological revolution a!er the Internet revolution.
With the development of digital cryptocurrencies such as Bitcoin, blockchain technology has received wide attention. Blockchain technology is a decentralized agreement, through data encryption, consensus algorithms and economic incentives, it has achieved a point-to-point transaction between nodes without mutual trust.
The introduction of the blockchain system supporting the smart contract represented by Ethereum has created new opportunities for the development of blockchain applications. Based on the trusted execution environment of the blockchain system, the smart contract platform enable complex operation of various digital assets on the blockchain, and open the door to rich decentralized application program (DApp). The development of digital currency trading system and smart contract application requires high performance and scalability of the blockchain system. However, the current mainstream public chain system has low performance and high cost, and it cannot provide fast and efficient services and a good user experience.
Blockchain technology can be of great value to all walks of life in both the technical and economic aspects. As long as there is a need to trust, blockchain technology can be used to build trust at very low cost and with high efficiency.
Blockchain technology has changed the production relationship. For thousands of years, transaction security has been guaranteed by reliable third-party intermediaries, such as banks, insurance companies, Alipay, real estate agents, etc., which help us build trust. Now we are able to complete transactions at a very low cost and with higher efficiency through blockchain technology in a peer-to-peer manner without the need for third-party intermediaries. The blockchain market is a market of several trillions of dollars. Great changes in production relations and business models have happened. The centralized servers are the greatest value based on the traditional Internet-based centralized model. However, in the ecosystem of blockchain, the most valuable asset is the public-chain infrastructure which carries massive data, transactions and business activities, there is huge commercial value existing with public chain.